Snasco set to enter into Abu Dhabi real estate market
January 06, 2008
Leading real estate investment and development company, SNASCO, have announced plans that will see the firm enter the UAE's capital, following their success as the master developer behind the Sharjah-based Sharjah Investment Centre (SIC) mega-project.
The Sharjah based company, which is an alliance between Saudi Arabian and Emirati entities, is exploring opportunities in the UAE’s capital, where many of the country's leading firms are currently taking advantage of the emirate's burgeoning real estate boom. The move into Abu Dhabi for SNASCO is consistent with the firm’s development strategy and follows several due diligence studies assessing the emirate’s feasibility.
Al Sorayai stated that his firm is keen to explore the various opportunities in Abu Dhabi, and has already established a foothold in a key project. “We are paying close attention to the market in Abu Dhabi at this time, and see a number of promising prospects, whereby both, our business and the local community would benefit. Abu Dhabi certainly has a great deal to offer any investor, considering the vital and significant role of this emirate in the nation’s economy, producing 90% of the country's oil, owning 10% of the oil reserves and 5% of the reserves in the world.”
SNASCO's contributions to the emirate of Sharjah are well known, and have been highly significant, and the SIC project is set to play a central role in boosting Sharjah’s economy. The SIC is primarily a commercial project, a state-of-the-art development located on the Emirates Road, in close proximity to Sharjah International Airport and Al Hamriyah Port. The project spans 32 million square feet.